The Ministry of Finance on Saturday released the latest data on Unified Payments Interface (UPI) marking the record 15,537 crore transactions between January and November this year. The value of these transactions stood at Rs 223 lakh crore.
The Finance Ministry posted on X, "Driving the Digital Payment revolution, UPI achieved 15,547 crore transactions worth Rs. 223 lakh crore from January to November, 2024, showcasing its transformative impact on financial transactions in India." The Fiance Minsitry, through its post, also highlighted the acceptance of UPi at the global level with countries like France, UAE, Singapore, Bhutan, Sri Lanka, Mauritius and Nepal.
The UPI has proved to be revolutionary in instant money transfer between accounts. It was launched in 2016 by the National Payments Corporation of India (NPCI). It has transformed India's payment ecosystem. For the fund transfers, payments, peer-to-peer transactions, the UPI acts as a streamlined system.
Among major benefits of the UPI, those which drew users to it are safety, quick transfer, easy operation and most importantly faithfulness because of the govt backing.
Earlier in October 2024, UPI set a new record by hitting 16.58 billion transactions worth Rs 23.49 lakh crore. The development marked a 45 per cent YoY increase from 11.40 billion transactions in October 2023, according to Finance Ministry data.
UPI enabled expansion of credit among underserved
According to a study titled Open Banking and Digital Payments: Implications for Credit Access, UPI has brought in a significant expansion of consumer credit among the underserved borrowers who had no credit history.
Since its launch in 2016, the Unified Payments Interface (UPI) has transformed financial access in India, enabling 300 million individuals and 50 million merchants to perform seamless digital transactions.
With inputs from agencies
